Taxes don't change unless you choose to be taxed as an S-corporation, then you can aviod some self employment tax by paying your shareholders (you) a dividend. Dividends are not subject to self employment taxes.

LLC's are a flow-through entity and do not change your taxes (unless you are an LLC taxed as an S-corp as mentioned above- it is a simple IRS thing and you do not actually have to be an S-corp to be taxed as one). LLC's are mostly for asset protection- if someone takes you to court they could go after your personal assets if you are a sole proprietor- if an LLC they can go after everything your LLC owns, but not your personal assets (like you house).

I'd talk to an accountant that is willing to do some planning with you to see what is best for your situation. Good luck

We were set up as an LLC to start and then midyearlast year we incorporated to an S Corp. We were under the impression we are still and LLC just for tax pruposes an S-corp is that possible or is it one or the other. Scorp or LLC

Beautiful Blooms Landscape Design LLC

We do landscape design, plants sales and delivery, full season landscape maintenance, mulch applications, edging installation, landscape bed installation, one time landscape renovations, spring and fall cleanups, and lawn maintenance division including mowing, fertility/weed control programs, and agronomics services.

You can file an IRS form 2553 and choose to be taxed as an S-corp even if you are an LLC. So legally you are an LLC (they are state specific and have mostly to do with liability protection rather than taxation) and the IRS looks at you as though you are an S-corp. So in your legal name you will probably be required by your state to have "LLC" somewhere (although you can do as many DBA's as you want- you just register a different name as the name you are "Doing Business As"), but when you file your taxes you will file as an S-corp.

My accountant had told me I would lose to many deductions. My attorney told me to get the umbrella coverage. He said he had never seen anyone win up to the$4000000 coverage. thanks for the response.

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Lose deductions by being an LLC or S-corp? Neither are true. You can take any business deduction as an LLC or S-corp that you can with SP, and vice versa. The advantage in an S-corp (either LLC taxed as or a true S-corp) is you can pay the shareholder dividends (you) which are NOT subject to 15.3% self employment tax (but are subject to income tax). In a SP or LLC, all profit that you make (income - expenses = profit) IS subject to 15.3% self employment tax, plus regular income tax.
So depending on how much you make, you can save a bundle in SE tax by going the S-corp route. If your accountant doesn't know this I'd get a new one.